1211 W UNIVERSITY Drive, Tempe, AZ 85281

$1,070,600

Property Type: Multiple Dwellings Bedrooms: 11 Baths: 6 Status: Closed

Current Price: $1,070,600 Last Modified: 2/10/2025

Overview

Description

Solid Cash Flow Tempe Apartment Building Generating $63,235 NOI - Ready for new owner. (Great 1031 Placement Option) Located within a mile of ASU, Mill Ave and Tempe Town Area. 4,405 sq ft of living space across 5 units. Wholefoods just opened and area is bustling with new retail and development. Property has consistently performed well and had major renovation in 2017. There is still room for ''value-add'' here to further increase rents to market – to increase cash flow and market value in this high growth area of Tempe. First floor has a large 3bd/2bth apartment and a 2br/1bth apartment (cost per unit is not a viable measurement here). Second floor, surrounding the sundeck are three 2bd/1bth apartments that are fully remodeled and work well for the property.

Listing Details MLS# 6002855

Location, Tax & Legal

Map Code/Grid: R36
House Number: 1211
Compass: W
Street Name: UNIVERSITY
St Suffix: Drive
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 3331
Country: US
County Code: Maricopa
Subdivision: WESTGATE SUB
Assessor Number: 124-74-006-C
Tax Year: 2019

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 74 x 104
Year Built: 1971
Uncvrd Parking Spcs: 8
Total # of Units: 5
# of Buildings: Yes
Zoning: R-3
Elementary School District: Tempe Elementary School District

Remarks Misc

Cross Street: University Dr. & Beck

Status Change Info

Off Market Date: 2020-01-10
Under Contract Date: 2020-01-10
Close of Escrow Date: 2020-02-28

Legal Info

Township: 1N
Range: 4E
Section: 21
Lot Number: 6

More Information

2 Bedroom Units

# 2 Bedroom Units: 4
Avg Rent: 1092
Avg SqFt: 735
# Baths: Yes

3 Bedrooms Units

# 3 Bedroom Units: Yes
Avg Rent: 1775
Avg SqFt: 1500
# Baths: 2

Structure

Bedrooms Total: 11
Bathrooms Total: 6

Income Expenses

Gross Annual Sch Inc: 73731
Net Operating Income: 63235

Sold Info

Loan Type: Conventional
Loan Years: 30
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: %
Seller Concession to Buyer: Yes
Seller Concession $/%: %

Property Features

Project Type: 5 - 12 Units Construction: Wood Frame; Slump Block Const - Finish: Painted; Stucco Roofing: Composition Floors: Vinyl Sale Includes: Land & Building; Personal Property; Laundry Equipment Community Features: No Pool Exterior Amenities: Desert Landscaping; Fenced; Cable TV Available; Sidewalk(s); Patio/Balcony; Separate Storage; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Drapes Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer Heating: Individual; Heat Pump Cooling: Ceiling Fan(s); Electric; Heat Pump; Window/Wall Unit Water Source: City Franchise; Individual Meter Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: None Parking Features: Garage; Carport; >1 Space Per Unit; Add'l Parking Avail; Other Road Access Type: Alley; Dedicated Street Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Water; Sewer; Electricity; Trash Collection Source of Fincl Data: Owner Special: Owner/Agent Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Private Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; 1031 Exchange Environmental: None

Listing Office: Weichert Realtors - Upraise

Office Phone: 602-687-7803

Office Email: ernie@upraiserealty.com

Last Updated: February - 10 - 2025